Those looking for auto loans this month have plenty of incentives to look forward to, but before walking out the door to a dealership, find out about the latest manufacturer recalls. It seems that almost every major car manufacturer has had to recall a vehicle at some point this year. Let’s take a look at the latest recalls announced this week.
Nissan, GM and Chrysler Recalls
To add to the growing list of 2010 manufacturer recalls that includes Toyota, Hyundai and Honda, Nissan, GM (which recalled 1.5 million cars in June) and Chrysler, have recalled vehicles this week. Here’s the breakdown of recalls:
- Nissan: An estimated 600,000 Frontier pickup trucks and Xterra sport-utility vehicles manufactured between 2001 and 2008 were recalled on Thursday because of the risk of the steering shaft cracking due to corrosion. While no accidents have been associated with these risks, about 85 percent of these vehicles have been recalled in the U.S. Also, 18,500 Sentra sedans were recalled due to a faulty battery connection.
- GM: General Motor Co. recalled 13,780 Buick Lucerns and Cadillac DTS vehicles on Thursday from the model year 2010-2011 due to alternator cable issues. If the cable comes in contact with the power steering return line, it could wear out and cause a fluid leak.
- Chrysler: Chrysler is recalling 16,299 Jeep Liberty vehicles to replace windshield wiper motors because they contain excess adhesive that could disrupt the operation of the wipers.
If you own one of these vehicles then it’s best to contact your auto manufacturer to see what steps to take next. If you were thinking about buying one, you might want to wait until the manufacturer says all vehicles are safe.
November Auto Incentives
On the other end of the spectrum are cars that manufacturers are eager to put on the road. Many are offering incentives this month to lure customers to their dealers. Here are some to take note of:
- Mitsubishi: the 2010/2011 Lancer, 2011 Lancer Sportback and 2010/2011 Outlander Sport all offer zero-percent auto loan rates for three years while the 2010 Lancer Evolution offers these rates for four years. Also, the 2010/2011 Galant, 2010/2011 Endeavor and 2010 Lancer Sportback are offered at zero-percent for five years.
- Hyundai: The 2010 Veracruz is available for 0.9 percent for 60 months. The 2010/2011 Santa Fe offer $500 in bonus cash while the 2010/2011 Accent and 2010 Genesis Coupe have $1,000 in bonus cash. It’s good to know that Hyundai may allow customers to combine cash back and low-interest incentives, which is rare, but also note that the vehicles must be financed through Hyundai Motor Finance to qualify.
- Kia: Kia is offering zero-percent financing on the 2010 Forte, Forte Koupe, Optima, Sedona, Soul and Sportage, as well as the 2011 Sorento. Up to $2,000 cash back is also available.
If you are thinking about purchasing one of the recalled cars, carefully consider whether it’s safe to make this purchase–or if you want to take advantage of the incentives, first conduct some research to make sure the incentives are worth it. Taking these steps could ensure you don’t lose money in the long run.
